Eurozone: Eurozone unemployment hits further record high
May 31, 2013
According to data released by Eurostat on 31 May, the number of unemployed increased by 95,000 persons in April. The figure came in above the 65,000 new job seekers recorded in March and marked the 25th consecutive increase in the number of unemployed. As a result of the monthly rise, the unemployment rate hit 12.2%, which was above the 12.1% observed in March and in line with market expectations. The figure represents a new record high for the common currency area.
A country-based analysis confirms the ongoing divergence in labour markets developments between the core European nations and the peripheral economies. Greece (27.0%, data from February), Spain (26.8%) and Portugal (17.8%) were the Euro area members with the highest unemployment rates in April. At the other end of the spectrum, Austria (4.9%), Germany (5.4%) and Luxembourg (5.6%) recorded the lowest unemployment rates. Among the remaining major economies, Italy had the highest jobless rate (12.0%), followed by France (11.0%).
FocusEconomics Consensus Forecast panellists expect the unemployment rate to average 12.0% in 2013, which is unchanged from last month's forecast. For 2014, the panel expects the unemployment rate to average 11.8%.
Author: Armando Ciccarelli, Head of Data Solutions